SDOG, "first meme token on Avalanche" loses 90% value in a day
SnowdogDAO or SDOG, a dog meme token built on the Avalanche network, lost 90% of its value on Sunday, showcasing a classic example of rug pull activity. Investors believe it to be the platform's biggest rug pull ever and attracted criticism from many investors, claiming to be "financially ruined." Despite a loss of more than $20 million in the event, the developers claim this to be a "game-theory experiment."
SDOG rug pull
SDOG development team had devised an 8-day event that promised a big finale. The first five days were specified for the accumulation of the decentralized reserve meme coin, while on the 8th day, all the assets would be sold for MIM, which would be used to "orchestrate a massive buyback of $SDOG from the SDOG-MIM liquidity pool," said a tweet.This was the perfect opportunity to make money for investors. However, things were too good to be true. The coin was live for only eight days, and traders expected huge buyback profits. As per developers, "the treasury market value grew to $44M, providing a $44M buyback power for the event."
The holders of the token would go head to head to sell their tokens and gain profits from the same. However, the developers didn't make it clear that only 7% of the SDOG tokens could be sold above the market price before the buyback.
As pointed out by a Twitter user, an address managed to make $10 million by swapping the meme token with other cryptocurrencies, removing a quarter of the buyback. A day prior, the address bought $180,000 worth SDOG with MIM and staked them. They were able to drain $10 million. Similarly, two other addresses managed to drain $7.7 and $3.3 million, respectively.
Developers washing their hands
SDOG developers have washed their hands from the event, claiming to have reached the fourth step of their program. The team said that in order to prevent bots, a separate AMM was designed on Uniswap V2. Only users accessing the front-end would've been able to earn profit from the buyback.However, the users claim that solving the challenge required a "challenge key," which no one had. This was a classic rug pull, as many investors pointed out.
"We understand that the buyback experience created frustration as only 7% of the supply holders would benefit from a price superior to the market price before the buyback. We deeply regret not having communicated more on this. We should have warned the community about the risks that waiting for the buyback to sell represented," said the developers.The developers of SDOG tokens are now relinquishing the ownership of the platform with no relief to the investors. As per a report, DeFi exploits led to $10.5 billion losses in 2021.
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